Moffett said the problem for cable companies is not so much the FCC's move to impose so called net neutrality, which would block service providers from prioritizing or discriminating against Internet traffic moving through their pipes. He said the problem is "collateral damage" from the FCC taking the authority to do so, because it creates the potential for price controls.

And that could hurt the amount of revenue cable companies can take in per customer.

"The FCC has voted itself a loaded gun, pointed it at the carriers ... and then promised not to shoot," Moffett said.

The FCC's broadband plans are still uncertain. The agency is likely to face legal challenges and Republicans in Congress have voiced opposition.

Shares of some of the largest cable TV operators failed to join Monday's stock market rally, dragged down by concerns over potential changes in federal oversight of the industry.
Craig Moffett, a cable industry analyst with Sanford Bernstein, cut his stock ratings for...